2023-09-05 18:04:47
Published on September 05, 2023 at 8:04 p.m.
UBS is challenging the sale of Credit Suisse’s Securitized Products Group business to US fund manager Apollo Capital. The management of the bank with the three keys, which bought out its former competitor last March, plans to renegotiate certain parts of this “complex” agreement, according to the Bloomberg agency on Tuesday evening.
UBS is not happy with certain terms of sale to Apollo, reports the agency relying on people familiar with the matter, in particular in terms of the fees that Apollo would collect for the management of each securitization that remains in the accounts of Credit Swiss. Contacted by AWP, the big bank did not wish to speak.
Also read: Credit Suisse sells part of its business to US investment fund Apollo
Last fall, troubled Credit Suisse struck a deal to transfer a significant portion of its loan securitization business, Securitized Products Group (SPG), to a group of American-led investors Apollo Global Management and Pimco. This agreement was to be finalized in the first half of 2023.
Also read: Yvan Lengwiler, Chairman of the Expert Group on Banking Stability: “The consolidation of Credit Suisse was feasible”
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